On March 11, 2011, an Earthquake and Resulting Tsunami Caused

question 32

Multiple Choice

On March 11, 2011, an earthquake and resulting tsunami caused the Fukushima Daiichi Nuclear Power Station to be shut down. There were fears of a major nuclear meltdown. This event was in the media all over the world. As with most situations like this there were reports of serious problems and conflicting reports that the problems would be controlled and were not serious. If the general opinion of nuclear energy had taken a positive turn in the world, a situation like this may influence opinions of the risk involved in nuclear energy. This is an example of what category of error?

• A) Risk-sensitivity
• B) Typicality
• C) Excessive discounting
• D) Risk-prone
• E) Risk-averse

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Definitions:

Wage Rate

The amount of money paid to an employee per unit of time, such as hourly or yearly.

MRP

Marginal Revenue Product, which is the additional revenue generated by employing one more unit of a resource, such as labor or capital.

Marginal Revenue Product

The supplementary income produced by the application of one more unit of a factor or resource in production.

Wage Rate

The amount of compensation an employee receives per unit of time or per task completed, typically expressed in terms of dollars per hour.